External Transfer

An external transfer is a payment made from your Sokin account to an external account. To make an external transfer, you must first add an External Beneficiary.

To make an external transfer, follow these steps:

1. Select Transfers in the Sokin column.

2. Select External Transfer.

3. Choose a beneficiary and select Transfer.

4. Choose a Source currency.

5. Enter an amount in the You send or Recipient gets field.

6. Enter a Sender reference / Remarks (Optional).

7. Enter a Transfer Reason (if applicable).

8. View the Transfer Summary and click Next.

9. Select Submit to send the transfer for Checker Approval.

Source & Destination Currency 

The source is the currency that will be debited, and the destination is the currency in which the beneficiary will receive the funds.

You can enter an amount in either the You send or Recipient gets, field. The other field will automatically update with a figure based on the exchange rate (if doing a cross-currency transfer) and fees shown in the Transfer Summary. 

Sender Reference / Remarks

The Sender Reference / Remarks is an optional field which will be visible in your Transaction History and to the beneficiary.

Transfer Reason

Depending on your beneficiary's destination currency, selecting a transfer reason from the provided list may be required. Choose the option that best aligns with your purpose for the transfer.

Transfer Summary 

When attempting a transfer, a Transfer Summary will appear showing a breakdown of the following:

• Exchange Rate – This rate automatically refreshes after 20 seconds and will update the figures and fees accordingly. The final exchange rate will be locked by the Checker upon approval.

  
  

• Payment Fees – The fees debited from your account for an external transfer.

  
  

• Fixed Payment Fees – The X amount of units debited from your account for making an external transfer.

  
  

• FX Fee – The % debited from your account for doing a currency exchange. (Only applicable for cross-currency transfers).

  
  

• Amount we’ll convert – The source amount minus payment fees.

  
  

• What the recipient will get – The amount sent to the beneficiary.

  
  

• Cut-off time – Indicates the deadline for completing a transfer to ensure same-day processing. If this time has already passed, it will appear in red. Transfers can still be submitted, but they will be processed on the next business day.

  
  

  
  

Submit Your External Transfer 

The next stage of an External Transfer is confirm the transfer details and submit the transfer. When a cross-currency transfer is being made, you will have 20 seconds to submit the transfer at the displayed exchange rate.

If 20 seconds pass, you must refresh the exchange rate before submitting.

Once submitted, an email request will be sent to the Checker for approval. Once the transaction is approved by the Checker, it will be processed and will appear in your Transaction History as a debited transaction against the source currency.